The purpose of this assignment is to apply concepts associated with leases and understand the disclosures presented in the Form 10-K. Select a publicly traded company and access its most recent financial statements, Form 10-K. Assume the company you work for is privately held and desires to go public in the next few years. To prepare for the initial public offering (IPO), the CFO knows that the company will have to change how it reports and discloses leases in order to comply with 842 of the FASB Codification. You are tasked with writing a memo to the CFO that summarizes the leasing issues you have learned from examining the Form 10-K. For this assignment, provide a 500-700-word summary and analysis that addresses the following items:

1.How does each company comply with the rules as provided in the FASB Codification?

2. Summarize the key points the CFO needs to know about lease disclosures to prepare the company to comply with 842.